You’ve heard it before. Lots of content for the sake of content. Most stuff garbage and a waste of time. We like to pass along the exceptions. We strongly recommend the 9/30/18 shareholder letter from Tweedy, Browne. As always it’s an honest, plain language discussion of markets, economies, results and how value investing fits into [...]
1990s: Everyone’s buying internet stocks. The companies have no earnings. There are no barriers to entry. I don’t understand what they do. Better buy some stock anyway. 2000s: Everyone’s flipping homes. Interest rates can’t stay this low forever. I have no handyman skills or time to fix up a property. Better buy a few homes [...]
In a world where many seek a shortcut and aim to do what others are doing DoubleLine’s Jeff Gundlach offers some rather simple yet powerful advice in this Forbes interview: Patience is the most important thing... Things take longer to develop and longer to tip over. Weird situations can be held together much longer than [...]
In our instant gratification world it’s important to learn lessons (and there are sooooo many) that teach us what we already know but are quick to dismiss: slow and steady wins the race – always!
So here we are again. Loathe to comment for fear of legitimizing a non-event yet silence brings accusations of laxity. Woe is us! By now we’re all aware of a two-day slide that knocked 1,300 points off the Dow. Big Media loves it. Article after article. Talking head after talking head. Lots of folks rewriting [...]
The problem with humans is that, well, we're human. It means we're subject to making decisions not in our best interest. We're easily distracted and excitable. We want to believe what we're told. It's a recipe for disaster. The purpose of insurance is to protect against something. Own a car? Great. Buy insurance in case [...]
"You'll find that many of the truths we cling to depend greatly on our own point of view." - Obi Wan Kenobi, "Return of the Jedi" It's funny how things change so much. It's all state of mind. - Eddie Vedder, "In Hiding" Does luck really exist or is it all a matter of perspective? [...]
We recently welcomed a new client to the Apollo family. He approached us after years as a DIY investor. During the get to know you phase he told us one of his biggest problems is the volume of information, not knowing what to believe, acting on (oftentimes competing) advice and ending up getting nowhere. We [...]
We often strive for what's good, better and best. Why stay at a 3-star hotel when we can stay at a 5-star hotel? Many of us invest in the same way. Why buy a 3-star fund when we can invest in a 5-star fund? Because investors misunderstand and misuse star ratings and the PR departments [...]
Kudos to Barry Ritholtz for yet another pragmatic and useful article. The list is in reverse order so #1 has the least impact relative to #7 which has the most.